TIDMGOOD
RNS Number : 6196C
Good Energy Group PLC
22 June 2021
Good Energy Group PLC
("Good Energy" or "the Company")
Trading update & pre-AGM investor event
Good Energy Group PLC (AIM: GOOD), the 100% renewable
electricity supplier and innovative energy services provider,
announces a trading update ahead of its presentation to
shareholders at 4:00pm today.
The Company will be holding a closed AGM, on 30 June 2021, in
light of the current restrictions on social gatherings and
unnecessary travel due to COVID-19.
Current performance
Performance in the year to date has been in line with management
expectations, showing a marked improvement compared to the same
period in 2020, which was adversely affected by several COVID
related factors including the first national lockdown.
Alongside continued strong operational performance in the year
to date, there has been a positive benefit to domestic supply gross
margins from forward buying power in 2020 in a weaker commodity
price environment. Both electricity and gas volumes are higher than
comparable periods in 2020, with electricity levels recovering from
COVID related impacts in 2020 and gas volumes benefitting from a
colder than usual spring.
Operationally, our Business billing system integration is
progressing at pace, with 90% of accounts migrated to date. SMART
meter rollout continues with 14,000 meters installed to date, of
these, 9,000 have been installed in 2021.
The SMART meter rollout will accelerate our digital offering and
is a building block for energy services. This platform has provided
us with the ability to design multiple new, smart enabled tariffs,
which promote further innovation and improves the speed of our
product launches. The recently launched Zap flash and Green Driver
tariffs, are smart time of use tariffs for electric vehicle drivers
and are the first examples of a step towards genuinely smart
products including half hourly settlement for domestic
customers.
It is anticipated that business performance is returning to more
normal seasonal expectations, where first half performance is
stronger than second half.
Balance sheet and liquidity
Cash collection to date in 2021 remains in line with seasonal
expectations, while direct debit receipts have remained robust and
we are managing the expected short term impact of business system
migration.
As previously announced, the partial repayment of 70% (GBP11.5m)
of Good Energy Bonds II, will be made on 30 June 2021. The
repayment will further simplify the capital structure, improve
flexibility, and materially reduce financing costs. We intend to
continue in this direction, balancing the return on our assets,
operating requirements, investment for growth and the resumption of
dividend payments.
Zap-Map & product launches
In June, Zap-Map launched a new subscription service for
electric vehicle ("EV") drivers, which provides enhanced features
and includes in-car support on Apple CarPlay with Android Auto to
follow. Early feedback from the rollout of the new service has been
positive, with the subscription revenue model being a key value
driver for Zap-Map. This new subscription product will become a key
service for EV drivers to be included as part of a customer centric
bundle for Good Energy customers, alongside energy supply
contracts, charging solutions and other EV related services.
Outlook
The Group continues to invest in the development of energy
services propositions and a range of innovation projects to drive
future profit growth and support the journey to a zero-carbon
Britain. Domestic and Business billing platform integrations and
SMART meter rollout plans remain on track. Mobility as a Service
offering continues to develop solutions for the electrification of
transport for Business and Domestic customers, with key
partnerships signed and a further investment in Zap-Map
committed.
There is a continued focus on delivering profitable returns
alongside continued investment in people, processes, and technology
to enable customers to take control of their energy usage in the
future.
Pre-AGM investor event
Management will give an online presentation to investors on 22
June 2021 at 4pm via the Investor Meet Company ("IMC") platform
ahead of the Company's AGM, which is being held on Wednesday 30
June 2021. The presentation, hosted by Chief Executive Nigel
Pocklington and CFO Rupert Sanderson, will commence at 4pm and will
be followed by an opportunity for Q&A.
The online presentation is open to all existing and potential
shareholders as well as Good Energy customers. Questions can be
submitted pre-event via your IMC dashboard or any time during the
live presentation via the "Ask a Question" function. Although the
Company may not be in a position to answer every question it
receives, it will address the most prominent within the confines of
information already disclosed to the market. Responses to the
Q&A from the live presentation will be published at the
earliest opportunity on the Investor Meet Company platform.
Investors can sign up to Investor Meet Company for free via:
https://investormeetcompany.com/good-energy-group-plc/register-investor
and add Good Energy to attend the presentation. Those investors who
have already registered and added to meet the Company will be
automatically invited.
Nigel Pocklington, Chief Executive Officer at Good Energy
said:
"We are pleased with the performance of the business in the
first half of the year to date, particularly in the positive
rebound from COVID related impacts last year. We continue to make
good progress across the business, both in operational
effectiveness and ongoing investments.
In the short time that I have been in post, I have been
impressed with the financial and operational robustness of the
business. I look forward to providing further strategic updates,
later in the year"
Enquiries:
Good Energy Group PLC Email: press@goodenergy.co.uk
Nigel Pocklington, Chief Executive Email: press@zap-map.com
Charles Parry, Investor Relations Phone: +44 (0) 7718
Luke Bigwood, Communications 671003
Investec Bank plc (Nominated Adviser Tel: +44 (0) 20 7597
and Joint Broker) 5970
Jeremy Ellis
Sara Hale
Ben Griffiths
Canaccord Genuity Limited (Joint Broker) Tel: +44 (0) 20 7523
Henry Fitzgerald - O'Connor 4617
Georgina McCooke
Notes to editors:
About Good Energy www.goodenergy.co.uk
Good Energy is a generator and supplier of 100% renewable power
and an innovator in energy services. It currently owns two wind
farms, six solar farms and sources electricity from a community of
1,600 independent UK generators.
Since it was founded 20 years ago, the company has been at the
forefront of the charge towards a cleaner, distributed energy
system. Its mission is to support UK households and businesses
generate, store and share clean power.
Good Energy is recognised as a leader in this market, through
our green kite accreditation with the London Stock Exchange and as
a top rated Green energy supplier by Which?.
About Zap-Map www.zap-map.com/live/
Launched in June 2014, with a mission to accelerate the shift to
electric vehicles (EV) and help the drive towards zero carbon
mobility, Zap-Map is the UK's leading EV mapping service. The
charging point map, available on desktop and iOS/Android apps,
helps EV drivers to search for available charge points, plan longer
journeys, share updates and pay for charging on participating
networks.
In the UK, Zap-Map attracts more than 120,000 cross-platform
users per month from a rapidly growing fleet of around 200,000
pure-EVs (Zap-Map's core user group) and 230,000 plug-in hybrids
(SMMT: December 2020).
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